By David Winning

SYDNEY--South32 Ltd. increased its share-buyback program by US$50 million as it anticipates a stronger outlook for commodity prices in the second half of its fiscal year.

South32 said the increase to the buyback means it has US$158 million still to return to shareholders by September based on its current capital-management plans.

It announced the shift in returns alongside a net profit of US$685 million for the six months through December, down 34% on a year earlier. Underlying earnings dropped 44% to US$560 million, although underlying revenue edged up by 0.4% to US$4.52 billion.

Directors of the mining company declared an interim dividend of 4.9 U.S. cents a share.

Write to David Winning at david.winning@wsj.com

(END) Dow Jones Newswires

February 15, 2023 17:10 ET (22:10 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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